Dockless firm Ofo raises $866 million in new funding, mostly from Alibaba

Chinese bike-sharing firm Ofo has raised $866 million in new funding, states a company press report. The funding is said to be led by Chinese online retailer Alibaba, an existing investor in the dockless firm. 

"Ofo has been transitioning from a phase of rapid growth to a stage of high-quality development," founder and CEO Dai Wei said in the company statement.

He added: "Ofo will continue to put our customers first and lead the bike-sharing industry with technological innovation and efficient operations.”

The relatively new company – it was only founded in 2014 – is now worth nearly $3 billion. 

As well as Alibaba, Ant Financial and Chinese venture capital firms, Haofeng Group, Tianhe Capital and Junli Capital also participated in the latest funding round, the single largest investment made in one go for a dockless firm. The latest deal increases Alibaba’s control of the firm.

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